Ranking of US stock underwriting in the first half of 2024

In the first half of 2024, all three major U.S. stock indexes hit new highs, with the Dow Jones Industrial Average up 3.79%, the Nasdaq up 18.13%, and the S&P 500 up 14.48%. Thanks to the strong performance of the overall secondary market and expectations of interest rate cuts by the Federal Reserve, the primary market for U.S. stocks showed vitality, with financing volume trending upwards. According to Wind data, the fundraising amount for equity financing (including IPOs and follow-on financing) in the first half of 2024 was $82.3 billion, a year-on-year increase of 43.93%. The technology industry was popular with funds, becoming a major driver for IPOs, with fundraising amounts of $3.7 billion for software and services and $2.1 billion for biopharmaceuticals. In terms of IPOs, a total of 114 companies successfully went public in the first half of 2024, an increase of 10 from the same period last year; the total fundraising amount was $19.4 billion, a year-on-year increase of 63.30%. The largest IPO amount was for Yaman Sports (Chinese concept stocks) at $1.571 billion. In the first half of the year, there were 24 Chinese concept stocks listed in the U.S., an increase of 5 from the same period last year, with a fundraising amount of $2.2 billion, a year-on-year increase of 268.97%. In terms of follow-up financing, there were 446 financing events in the first quarter, with a total amount of $62.9 billion, a year-on-year increase of 38.86%. In the first half of the year, from the perspective of IPO underwriting, JPMorgan Chase ranked first in IPO underwriting with a total amount of $3.122 billion, with 17 underwriters; Morgan Stanley ranked second with a total amount of $2.707 billion, with 20 underwriters; and Goldman Sachs ranked third with a total amount of $2.516 billion, with 17 underwriters. (Notes: 1. The total amount of funds raised in the rankings includes over-allotment; 2. IPO statistics include public offerings, SPACs, and introductions to the market) Overview of Equity Financing Market 1.1 Trends in Equity Financing Scale In the first half of 2024, the total amount of equity financing in the primary market of U.S. stocks was $82.3 billion, an increase of 43.93% from the $57.2 billion raised in the same period last year, with the financing environment continuing to improve. The IPO financing scale was $19.4 billion, an increase of 63.30% year-on-year; the follow-on financing scale was $62.9 billion, an increase of 38.86% year-on-year. 1.2 Distribution of Financing Methods In terms of specific financing methods, the amount raised through IPOs in the first half of 2024 was $19.375 billion, accounting for 23.54% of the total; the amount raised through follow-on financing was $62.936 billion, accounting for 76.46%. 1.3 Distribution of Financing Subjects by Industry Looking at the distribution of financing in various industries, the pharmaceutical, biotechnology, and life sciences industry ranked first in terms of financing amount at $19.5 billion; the real estate industry ranked second with $10.7 billion in financing; and the healthcare equipment and services industry ranked third with a financing scale of $9.4 billion. In terms of the number of financing events in each industry, the pharmaceutical, biotechnology, and life sciences industry ranked first with 210 financing events; the software and services industry ranked second with 47 financing events; and the healthcare equipment and services industry ranked third with 46 financing events. Initial Public Offerings 2.1 Trends in the Number and Scale of IPOs In the first half of 2024, a total of 114 IPOs were issued in the U.S., an increase of 9.62% year-on-year; the total amount raised through IPOs was $19.4 billion, an increase of 63.30% year-on-year. In the second quarter, there were 62 IPOs issued, an increase of 10 from the same period last year; the amount raised was $9.7 billion, an increase of 15.20% year-on-year. 2.2 IPO Market Distribution Looking at the distribution of IPOs, in the first half of 2024, the largest number of IPOs in the U.S. still came from the Nasdaq, with a total of 74 companies listed and a total fundraising amount of $8.39 billion, accounting for 43.30% of the total market size of U.S. stocks; the New York Stock Exchange achieved 30 IPOs, with fundraising amount of $10.736 billion, accounting for 55.41% of the total market size of U.S. stocks; the AMEX exchange achieved 10 IPOs, with a fundraising amount of $2.5 billion. 2.3 Distribution of IPO Subjects by Industry In terms of the distribution of IPO subjects by industry, the industry with the highest fundraising amount was software and services, with a total fundraising amount of $3.7 billion; followed by the pharmaceutical, biotechnology, and life sciences industry, with a fundraising amount of $2.1 billion; and the healthcare equipment and services industry ranked third with a fundraising amount of $2.0 billion. Looking at the number of IPOs issued in each industry, the top industry was diversified financials, with a total of 21 IPO projects; the pharmaceutical, biotechnology, and life sciences industry ranked second with 16 IPOs, and the business and professional services industry ranked third with 10 IPOs. 2.4 Statistics on IPO Financing Amount Ranges In the first half of 2024, there were a total of 75 IPOs with a financing amount of $100 million or less, accounting for 66% of the total number of IPOs; there were 26 IPOs in the $1-5 billion financing range, 9 IPOs in the $5-10 billion financing range, and 4 IPOs with financing amounts of over $10 billion. 2.5 Top 10 IPO Financing Amounts The company with the highest IPO financing amount was Yaman Sports at $1.571 billion. Viking and UL Solutions ranked second and third with $1.537 billion and $1.088 billion, respectively. The top ten IPO projects raised a total of $9.83 billion, accounting for 51.01% of the total IPO fundraising amount. 2.6 Number of SPAC IPOs and Funding Scale In the first half of 2024, a total of 12 SPACs were listed, a decrease of 6 from the same period last year; they raised a total of $2.2 billion, an increase of 17.26% year-on-year. 2.7 Number of Chinese Concept Stock IPOs and Funding Scale In the first half of 2024, a total of 24 Chinese companies went public in the U.S., an increase of 5 from the same period last year, with a fundraising amount of $2.2 billion, a year-on-year increase of 268.97%. The top three in fundraising amounts were Yaman Sports ($1.571 billion), JiKe (441 million), and SUPER HI (53 million). Follow-up Financing 3.1 Trends in Follow-Up Financing In the first half of 2024, the total amount of follow-up financing raised in the U.S. stock market was $62.9 billion, an increase from the previous year.In the same period, there was a 38.86% increase; there were 446 refinancing events, an increase of 8.78% compared to last year's 410 events. In the second quarter, funds raised were $22.3 billion, a decrease of 8.26% year-on-year; there were 202 refinancing events, a decrease of 5.16% year-on-year.3.2 Distribution of Raising Funds Projects In terms of market distribution, in the first half of 2024, the NASDAQ market had the most fund raising projects with a total of 362, raising $34.615 billion; the New York Stock Exchange had 62 projects raising $28.01 billion; and the AMEX exchange had only 22 projects raising $3.11 billion. 3.3 Distribution of Raising Funds by Industry In the first half of 2024, the pharmaceutical, biotechnology, and life sciences industry raised the most funds with a total of $17.4 billion; the real estate industry ranked second with $10 billion raised; and the healthcare equipment and services industry ranked third with $7.4 billion raised. In terms of the number of fund raising projects, the pharmaceutical, biotechnology, and life sciences industry had 194 projects, ranking first; the healthcare equipment and services industry and the software and services industry tied for second with 38 projects each. 3.4 Top 10 Raising Funds Projects In the first half of 2024, the company with the highest amount of funds raised was Realty Income with $6.323 billion; Kenvue and Keurig Dr. Pepper ranked second and third with $3.647 billion and $2.53 billion raised, respectively. Institutional Section 4.1 IPO Underwriting Scale Ranking In the first half of 2024, in terms of IPO underwriting amounts, J.P. Morgan ranked first with $3.122 billion in underwriting amounts and 17 underwriters; Morgan Stanley ranked second with $2.707 billion and 20 underwriters; Goldman Sachs ranked third with $2.516 billion and 17 underwriters. 4.2 IPO Underwriters Ranking by Number of Deals In terms of the number of IPO underwriting deals, Morgan Stanley participated in 20 IPO underwriting projects, ranking first, while Goldman Sachs and J.P. Morgan tied for second with 17 underwriters each. 4.3 Raising Funds Underwriting Scale Ranking In terms of fund raising underwriting scale, Morgan Stanley ranked first with a underwriting scale of $9.075 billion and 42 deals; Goldman Sachs underwrote $8.827 billion in deals, participating in 47 fund-raising events, ranking second; J.P. Morgan underwrote $6.018 billion and participated in 49 fund-raising projects, ranking third. 4.4 Raising Funds Underwriting Number Ranking Bank of America participated in 51 fund raising events in the first half of the year, ranking first; J.P. Morgan ranked second with 49 fund raising underwritings; Jeffries ranked third with 48 fund raising underwritings. Issuance intermediaries Section 5.1 IPO Accountant Ranking Marcum ranked first in the accountant ranking list with 12 IPOs; PwC ranked second with 10 IPOs; KPMG and EY tied for third with 8 IPOs each. 5.2 IPO Lawyer Ranking In terms of overseas lawyers for IPOs, Ogier participated in 14 IPOs, ranking first; Latham & Watkins participated in 10 IPOs, ranking second; and Conyers participated in 9 IPOs, ranking third. This article is reprinted from "Wind", edited by GMTEight: Liu Jiayin.